Tax Currently Highest Source Of Revenue To Federation – FG Declares 

The federal government has urged tax practitioners to increase efforts to generate more revenue from taxes, emphasizing that tax revenue is currently the highest source of income for the federation.

The Accountant-General of the Federation, Oluwatoyin Madein, revealed this information at the 26th Annual Tax Conference of the Chartered Institute of Taxation of Nigeria in Abuja, on Tuesday. 

The conference’s theme was “Sustainable Tax Culture and Economic Roadmap for Nation Building.”

The government has noted that due to the current high tax revenue, members of the Federation Accounts Allocation Committee eagerly anticipate the monthly figures from the Federal Inland Revenue Service. 

This is to ensure that there are funds available for distribution to the three tiers of government.

Madein said, “Like the CITN, the Office of the Accountant-General of the Federation is committed to a sustainable tax culture that will ensure the continuous flow of revenues even at an improved level.

“Tax revenue as at today is the highest source of revenue accruing to the federation. Therefore, at the Federation Account Allocation Committee meetings, we eagerly await the numbers coming from the FIRS because the performance keeps on increasing and brings succour to all tiers of government.”

According to the Coordinating Director of the Special Tax Operations Group, Amina Ado, FIRS surpassed its 2023 revenue target by N816 billion, with total actual revenue collection for last year reaching N12.37 trillion, exceeding the N11.56 trillion target.

At the CITN conference on Tuesday, the Accountant-General urged tax practitioners to intensify efforts in collecting taxes to increase revenue for government infrastructure and amenities.

Madein said, “Let us remain steadfast in our commitment to building a better future for all. Together, we can harness the transformative power of taxation to create a more prosperous, equitable and sustainable world.

“Like I said earlier, at FAAC, we eagerly look forward to tax numbers because, at the moment, revenue from non-oil has been a great revenue source to the federation.

“Therefore, to tax practitioners, you are doing so well, but we need more of this to be able to deliver on all the areas that the citizens are looking forward to, because for even infrastructure development, it is only through funds that we can get it done.”

Madein stated that the conference would deepen collaboration between organizations, building capacity for professionals and taxpayers to better understand tax laws and regulations.